Nusaned Investment invests in Jubail facility operated by Abdul Aziz and Brothers Co. DUBAI: The investment arm of Saudi Basic Industries Corp. (SABIC) has signed an agreement to invest in a company manufacturing personal protective equipment (PPE). Nusaned Investment’s mandate is to invest in emerging technologies in the Kingdom and increase SABIC’s support for small and medium-sized firms in the country’s industrial sector. The latest agreement with Abdul Aziz and Brothers Co. (A&BC) will see it invest in a new manufacturing facility in Jubail, which will specialize in the production of PPE, specifically helmets, protective glasses, and cut-resistant gloves for the industrial and construction sectors. A&BC is one of the first local producers of PPE in the Kingdom. In a statement on Monday, Faisal Al-Bahair, chief executive officer of Nusaned Investment, said: “The investment agreement is in line with Nusaned Investment guidelines and aligns with SABIC’s localization program as it presents a great import substitution opportunity in the personal protective equipment and high localization potential enabling one of the objectives of Saudi Vision 2030.” Nusaned Investment invests in Jubail facility operated by Abdul Aziz and Brothers Co. DUBAI: The investment arm of Saudi Basic Industries Corp. (SABIC) has signed an agreement to invest in a company manufacturing personal protective equipment (PPE). Nusaned Investment’s mandate is to invest in emerging technologies in the Kingdom and increase SABIC’s support for small and medium-sized firms in the country’s industrial sector. The latest agreement with Abdul Aziz and Brothers Co. (A&BC) will see it invest in a new manufacturing facility in Jubail, which will specialize in the production of PPE, specifically helmets, protective glasses, and cut-resistant gloves for the industrial and construction sectors. A&BC is one of the first local producers of PPE in the Kingdom. In a statement on Monday, Faisal Al-Bahair, chief executive officer of Nusaned Investment, said: “The investment agreement is in line with Nusaned Investment guidelines and aligns with SABIC’s localization program as it presents a great import substitution opportunity in the personal protective equipment and high localization potential enabling one of the objectives of Saudi Vision 2030.” Nusaned Investment’s chief investment officer, Fahad Al-Naeem, said: “The Saudi PPE market is valued at around SR1.46 billion ($389 million) with insufficient local production to meet the growing demand for helmets, gloves, or glasses. “This agreement will make a notable contribution to local content, serving the economic diversification objectives of the Kingdom.”